At the Beginning of the Year, Manufacturing Overhead for the Year

question 164

Multiple Choice

At the beginning of the year, manufacturing overhead for the year was estimated to be $670,700. At the end of the year, actual direct labor-hours for the year were 36,200 hours, the actual manufacturing overhead for the year was $665,700, and manufacturing overhead for the year was overapplied by $22,100. If the predetermined overhead rate is based on direct labor-hours, then the estimated direct labor-hours at the beginning of the year used in the predetermined overhead rate must have been:

• A) 35,037 direct labor-hours
• B) 35,300 direct labor-hours
• C) 36,200 direct labor-hours
• D) 33,874 direct labor-hours

Identify and calculate the correlation coefficient and understand its significance.

Differentiate between positive, negative, and no linear relationship between two quantitative variables.

Interpret the slope and intercept of a least-squares regression line.

Construct and interpret scatterplots for examining relationships between two quantitative variables.

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Definitions:

Height

The measurement of someone or something from base to top or (in more abstract senses) any measure of vertical distance, often used in geometry and physics.

Completing the Square

A mathematical technique used to convert a quadratic equation into a perfect square trinomial, thereby simplifying the procedure of finding the equation's roots.

Round

Rounding is the process of adjusting a number to a nearby value that is shorter, simpler, or more explicit, often to a specified number of decimal places or significant digits.

Completing the Square

A method used in algebra to solve quadratic equations by converting the equation into a perfect square trinomial.